| Re: Foreclosure crisis has spread across the Hmong and Lao Communities in the US. |
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Group: soc.culture.hmong · Group Profile
Author: hmongmekashmongmekas Date: Sep 7, 2008 14:45
> In recent months, I have noticed that more Hmong and Lao houses owners
> in Milwaukee, WI and St. Paul, MN are missing payments, puttting their
> houses up for sale to avoid losing them to foreclosure.
>
> My Lao and Hmong friends, Paseuth and Nao Phia just lost their house
> last month. Â It is sad and I felt guilty that I could not help them
> except letting them stayed in my house for couple of days unit they
> could move into a rental house in the bad neighborhood.
>
> Another very sad thing is that their wives are filing for divorce and
> blamming them for not be able to support the family.
>
> And this is not just the end of the story for I am here today in
> Sacramento, CA Â to visit my relatives and friends. Â I have learned
> that many of the Hmong and Lao in California also have faced the same
> problems of foreclosure and family problems due to social-economic
> pressure.
>
> Many Hmong financial and real estates business also have been impacted
> by this economic-crisis. Â Some had been closed and the number of their
> advertise in the two Hmong radio stations in Freshno and one in
> Sacramento have been downed for the last three months compared to two
> years ago.
>
> Are you or any body that you know are in the midst of a foreclosure?
>
> What is foreclosure trends in your community? Â Can you share with us?
>
> My last question is what is the best way to avoid foreclosure?
The Federal Government is taking control over Fredie Mac and Fannie
Mae due to the Housing crisis in America. Fredie and Fannie hold more
than $5 trillion or nearlyf of the US $12 trillion outstanding
housing mortgages. The common stocks of Fredie and Fannie dropped more
than 90%% a year ago. As os Friday, Sept. 5, 2008 the common stocks of
Fredie was $5.10 a share, a drop from $65. per share a year ago.
Fannie Mae is sitting at $7.04 on Friday, a drop from $68.6 per share
a year ago.
Monday, Sept. 8, the common stocks of both US Government Sponsored
enterprises will rally with a big gap down. Billion of dollars will
wipeout/fade away from these two US giant mortgage companies.
Three months ago, the US Largest Security Company, Bearstern, was in
trouble and bailed out by JP Morgan, which it cost investors several
billion of dollars loss.
It is a financial crisis hits America.
Who would have the best plan to boost the US Economy in the next four
years? Obama/Biden or McCain/Palin?
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